04 Aug 2017
Frontier exploration licence 2/14
The enclosed Operational Update has been reported by Providence Resources plc (Operator, 56% working interest) with regards to Frontier Exploration Licence 2/14, in which Cairn has a 30% working interest.
|David Nisbet||Corporate Affairs||0131 475 3000|
|Linda Bain||Cairn Energy PLC||0131 475 3000|
|Patrick Handley||Brunswick Group LLP||0207 404 5959|
|David Litterick||Brunswick Group LLP||0207 404 5959|
NOTES TO EDITORS
Cairn is one of Europe's leading independent oil and gas exploration and development companies and is listed on the London Stock Exchange. Cairn has discovered and developed oil and gas reserves in a variety of locations around the world.
Cairn’s business operations are focused on frontier exploration acreage in North West Europe, North West Africa and the North Atlantic, underpinned by interests in development assets in the North Sea. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London, Norway and Senegal.
Cairn and Corporate Responsibility
- Cairn is a signatory to the UN Global Compact and our core values of respect, responsibility, relationships and our commitments towards people, the environment and society are enshrined in our Business Principles, which are available on the Cairn website at http://www.cairnenergy.com/index.asp?pageid=282
- Cairn became a participating company in the Extractive Industry Transparency Initiative (EITI) in September 2013. The EITI is a coalition of governments, companies and civil society, who have adopted a multi-stakeholder approach to applying the EITI global standard promoting transparency of payments in the oil, gas and mining sectors http://eiti.org/
For further information on Cairn please see: www.cairnenergy.com
53/6-1 EXPLORATION WELL
FRONTIER EXPLORATION LICENCE 2/14
SOUTHERN PORCUPINE BASIN
- PALEOCENE DRUID RESERVOIR INTERVAL ENCOUNTERED WITHIN THE PRE-DRILL DEPTH PROGNOSIS
- PRELIMINARY INTERPRETATION INDICATES DRUID TO COMPRISE A POROUS WATER BEARING RESERVOIR INTERVAL
- THE WELL WILL BE DEEPENED TO EVALUATE THE LOWER CRETACEOUS DROMBEG PROSPECT
Dublin and London – August 4, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the “Company”), today provides an operational update regarding Frontier Exploration Licence (“FEL”) 2/14 located in the southern Porcupine Basin. FEL 2/14 is operated by Providence Resources plc (56%) on behalf of its partners Capricorn Ireland Limited (a wholly owned subsidiary of Cairn Energy PLC, 30%) and Sosina Exploration Limited (14%), collectively referred to as the “JV Partners”. The licence contains the Paleocene “Druid”, Lower Cretaceous “Drombeg” and pre-Cretaceous “Diablo” prospects.
The 53/6-1 (pre-drill designation 53/6-A) well, which spudded on July 11, 2017, is located in c. 2,233 metres of water and c. 220 kilometres off the south-west coast of Ireland. The well, which is being drilled by the Stena IceMAX drill ship, penetrated the Paleocene Druid prospect within the pre-drill depth prognosis having been safely drilled to section target depth. Preliminary petrophysical analysis of ‘Logging While Drilling’ (LWD) data indicates that the Druid prospect comprises a porous water-bearing reservoir.
In accordance with pre-drill plan, operations will now proceed to assess the deeper Lower Cretaceous Drombeg exploration prospect exploration target, which is situated c. 1,000 metres beneath Druid. A further operational update will be provided once the Drombeg prospect has been penetrated or as appropriate.